Good morning, Nina Lindholm here with the Europe Wire from the London newsroom. As the market tries to shake off the ‘Saa Spocalypse,’ it’s promising to see software assets changing hands. Hg and EQT agree to sell their stakes in Quantios, a SaaS provider to global trust and corporate services, to Vista Equity Partners. The deal follows Hg’s 2022 investment and a 2023 merger that grew the business into a global platform partnering with close to 700 organizations worldwide, underpinned by its flagship products Quantios Core and Klea. Quantios’s AI strategy is central to value creation, with generative AI embedded natively in Quantios Core and a separately priced agentic AI layer for higher‑complexity workflows. Jake Hodgman, managing director at Vista, said the platform bụla “real momentum” in bringing agentic AI into live customer environments.

Away from software, Open Gate Capital has signed a definitive agreement to acquire Merak, the global rail HVAC business of Knorr‑Bremse, a publicly listed German industrial company. Merak operates facilities in Spain, Austria, Australia, US, China and India, serving rolling‑stock manufacturers worldwide. Joshua Adams of Open Gate said Merak is a high‑quality business with a market‑leading position, differentiated technology and a global customer base built over decades.